Posts Tagged ‘irs’

WE NEED TO FIND YOU A NEW HOME AND GET YOU UNDER CONTRACT BEFORE APRIL 30TH-  below is information directly from the IRS website, but here’s the link for more FAQ’s: http://www.irs.gov/newsroom/article/0,,id=206291,00.html.  
Please contact us immediately to set an appointment to go find you your next home!

First-Time Homebuyer Credit Questions and Answers: Basic Information

Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• extends deadlines for purchasing and closing on a home
• authorizes the credit for long-time homeowners buying a replacement principal residence
• raises the income limitations for homeowners claiming the credit

Q. What is the credit?

A. The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased:

• For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.
• For homes purchased in 2009 prior to November 7, the credit is for a maximum of $8,000 and, with some exceptions, does not have to be repaid, but it’s only for new home owners who have not owned a home in the prior three years.
• Beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid. (1/27/10)